2005 Idaho Code - 45-1201 — DEFINITIONS

                                  TITLE  45
                         LIENS, MORTGAGES AND PLEDGES
                                  CHAPTER 12
                                 RECONVEYANCE
    45-1201.  DEFINITIONS. As used in this chapter:
    (1)  "Beneficiary" means both the record owner of the beneficiary's
interest under a trust deed, including successors in interest.
    (2)  "Reconveyance" or "reconvey" means a reconveyance of a trust deed.
    (3)  "Satisfactory evidence" of the full payment of an obligation secured
by a trust deed means a payoff letter, the original cancelled check or a copy,
including a voucher copy, of a check, payable to the beneficiary or a
servicer, and reasonable documentary evidence that the check was intended to
effect full payment under the trust deed or an encumbrance upon the property
covered by the trust deed.
    (4)  "Servicer" means a person or entity that collects loan payments on
behalf of a beneficiary.
    (5)  "Title agent" means a title insurance agent duly licensed as an
organization under chapter 27, title 41, Idaho Code.
    (6)  "Title insurer" means a title insurer duly authorized to conduct
business in the state of Idaho under title 41, Idaho Code.
    (7)  "Trust deed" means a trust deed as defined in section 45-1502, Idaho
Code.